Question

All of the following are true regarding IASB members except: A. Part-time members must sever employment relationships with former employers B. Full-time members must sever employment relationships with former employers C. Full-time members are not allowed to hold any position giving rise to perceived economic incentives that might call their independence into questionD. IASB shall comprise 16 members, and up to 3 of those members may be part-time E. Primary qualifications for IASB membership are professional competence and practical experience

Answer 1

Answer:

A) Part-time members must sever employment relationships with former employers

D) IASB shall comprise 16 members, and up to 3 of those members may be part-time

Explanation:

Since December 1, 2016, the International Accounting Standards Board (IASB) has 14 board members (reduced from 16 by the 2015 constitution review). All of the 14 members are full time members, there are no more part time members. Each member is appointment for a 5 year initial term that can be renewed for either a 3 or 5 year second term. But no member can serve for more than 10 years.